Insurance Rates TRIPPLED for Homeowners - Any Suggestions? (Kenner, Covington: rental, homes)

[drewsu]

I have an investment property in Kenner that is a double (2,200 sf total) and was paying roughly $700 per year last year ($150,000 Dwelling | $1,000 deductable). Well, the renewal policy came in the mail the other day (same coverage) for $2,100 per year! When asked why the policy TRIPPLED, the agent said that supposedly the insurance commissioner approved the request from the company to increase rates because originally this company was priced too low and now they are priced more accurately. Even if this is true, how on earth would a trippled premium be approved regardless of the circumstances? For the record, I have never made any type of claim on my insurance EVER.

Does anyone have any recommendations on a plan of action here? Any suggestions on another company I could get quotes from besides Citizens? I did some searches and ASI came up as a possibility, but I cant find any contact information for Louisiana? Any other suggestions? Thanks...

[Pook77]

It depends on what zipcode you're in in Kenner. We are in the 70065 zipcode, had about 24 inches of water, and were only able to be free of Citizens in the last year. We are now with a company called Geo Vera but it only reduced our yearly by a few hundred. We'd been paying close to $3,000 and are around $2,300 now. This is a 1,700 SF, single occupancy dwelling valued at $185,000. ASI initially gave us a quote then went back on it, telling us they wouldn't insure us and they made a mistake even after we spent weeks going over quotes/specifics with them - beware.

I'd say you very well may have been priced too low even though it sucks. We were paying about $700 BEFORE the storm, so that seems really low post-storm. I have several friends in the 70062 zipcode who didn't see a drop of water and have to pay out the backside for Citizens - they STILL can't find anyone else to insure them.

I can't explain what happened to you exactly, but that's what's going on with us. Our neighbors are in similar situations such as ours.

[WestbankNOLA]

I honestly don't know anyone paying under $3,000. I have to agree with Pook77 and say that you probably were priced too low. In the post-K environment $2,000 is somewhat of a deal.

[Pook77]

Exactly. The friends I spoke of in the 70062 zipcode are actually paying several hundred more than us now, their homes didn't flood nor have damage claims, and are worth considerably less than ours. I don't know what rhyme or reason there is to the insurance madness, but don't expect to have a very straight answer other than how your area is mapped out.

I hate to say it, but someone paying $700 and the rest of us struggling on $3,000 payments (not including flood for many of us, mind you) makes me angry. Not your fault, it's the insurance company's fault, but I'd be especially angry for my friends who can barely afford it yet their homes never flooded.

FWIW, we were actually referred to Geo Vera by LA Citizens. They often know who's writing policies and we'd check with them monthly to find out, maybe you could still talk to them. Other companies pretty much laughed at us.

[Countrysue]

I live in Covington and pay $2,500 for a single family home. That's with a 5% deductible for wind!

[Drouzin]

It's positively a rip off that we are paying so much on homeowners. Let's face it, I don't know anyone who got any more than $8k on their claim after Katrina, while flood paid out in full for their claims. Ohhh and don't get me started on those adjusters...

(I've got Geo Vera too, they were about $150 less than Citizens; pathetic.)

[waitingtundra]

Originally Posted by WestbankNOLA

I honestly don't know anyone paying under $3,000. I have to agree with Pook77 and say that you probably were priced too low. In the post-K environment $2,000 is somewhat of a deal.

I know mine went to over $3,000's for basicaly the same policy and it's not a rental property

[bkelt]

Originally Posted by drewsu

I have an investment property in Kenner that is a double (2,200 sf total) and was paying roughly $700 per year last year ($150,000 Dwelling | $1,000 deductable). Well, the renewal policy came in the mail the other day (same coverage) for $2,100 per year! When asked why the policy TRIPPLED, the agent said that supposedly the insurance commissioner approved the request from the company to increase rates because originally this company was priced too low and now they are priced more accurately. Even if this is true, how on earth would a trippled premium be approved regardless of the circumstances? For the record, I have never made any type of claim on my insurance EVER.

Does anyone have any recommendations on a plan of action here? Any suggestions on another company I could get quotes from besides Citizens? I did some searches and ASI came up as a possibility, but I cant find any contact information for Louisiana? Any other suggestions? Thanks...

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